St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-07-10
THE CHICAGO MARKET.
How Old Hutch and ArmOnr
Saved Their Friends.
Special to the Globe.

Special to the Globe.
CHICAGO, July 9.-August wheat
opened at 721lc and Immediately there
after displayed weakness. The opening
figures for August corn were 361sc,
which was sc under yesterdays close.
Oats were &c stronger, bringing 26c.
September lard opened at S6.55 and Au-
gust short ribs at S7.5712, which was
21-2c less than the closing price yeSter-
day. After the opening a great calm
settled down Oh the traders, the music
in the wheat pit died away and the pro-
vision crowd stretched their legs in the
chairs surrounding the charmed circle.
There were no chinch bugs to alright
and last nights great rain
had dispelled much of yes
terday's drouth scare. All signs
pointed to an uneventful day. The re-
ceipts to-day i'll car lots were: Winter
wheat. 20; spring, Z; corn, A; oats, so.
Estimated receipts tomorrow by cars:
Wheat. "a; corn, 175; oats, 80; hogs,
10000 head. The receipts of hogs to-day
were 5000. The receipts of wheat in
bushels to-day were: Wheat, 1882; !;
shipments, 255,304; receipts of corn,
1865: shipments, 353,2 ,24S. 1t is widely
stated and generally believed on the
board that both Armour and Hutchln-
son prevented over twenty board of
trade firms from going to the wall at the
period of the recent collapse OF the
wheat clique. A member who is in pc
sitiOn to know stated to a reporter to-day
that Old Hutch put UP between S600,0O0
and 100000 to save the credit of
houses with which he was friendly.
SensatiOnaliStS may rest assured that no
Chicago pork will be shipped. The
amount ON hand here is only enough to
supply the regular trade. With such a
shortage there is no need to send any
pork through the smoke house. The
export demand for hams is also i'm
proved. The movement of provisions
out of Chicago this week was the largest
that has been known this season. This
fact, coupled with the comparatively
small stocks on hand, had strengthen
ing effect on the provision market, lard
scoring quite an advance and the cash
trade being generous one. The lndl-
cations are that no more hogs Will come
in next week than were received this.
Hutchinson kept the wheat crowd busy
almost continuously during the session.
He was an early and liberal buyer, but
his objective point seemed to be 7234
cents. Whenever the dial halted at
those figures for the August option
the veteran would stride to the upper
plane of the pit. pass his hand dreamily
over his eyes and go down and break the
market in from one to three minutes.
"He does it." remarked an observer,
''becauSe Ire thinks we have an era of
65-cent wheat to reduce accumulation"
Later, when the government re-
port came in, Hutchinson sold
on the advance. About II O'Clock
came the government report. 1t
proved to be an effective campaign
document for the bulls. Briefly it stated
that spring wheat was eight points and
winter four points off the showing made
on June 10. This meant reduction
of over 20,000,O00 bushels, and August
wheat sold at 1874 cents. and later on at a
fraction above that price. Col. Charles
A. Morton, of the firm of Morton & Co.,
of Fargo, yesterday telegraphed to his
agent at that point to see James Holes,
a leading English farmer of Red river
valley. and ask him for the bottom facts
regarding the reported grasshOpper
scOurge i'll that section. Mr.. Holes re-
piled to the telegram, stating that
within the last ten days the crop has
improved 1Oper cent. He adds that no
trouble is experienced from grasshop-
pers, and that the average yield of wheat
in Cass county is expected to be twenty
bushels to the acre. While this yield is
not quite as large as that of last year,
the crop in 1886 was an exceptional one.